Once you know the kinds of financial aid available, you should estimate the costs involved in attending the colleges you're considering. Every school uses the same formula to determine how much federal financial aid to award to students, though the numbers will vary between every school.

This formula is:

COA
The school's COA includes tuition, fees, room and board, books and supplies, travel, and personal and incidental expenses.

EFC
Your EFC is the financial amount a family is estimated to be able to contribute toward college costs each year. The EFC is a commonly used financial aid term, which indicates both a student's and a parent's current ability to pay. The federal government uses a formula to assess your family's financial circumstances, and will come up with the EFC.

Additionally, the PLUS program requires a credit check. The PLUS credit check isn't as rigorous as many personal lending programs, and instant pre-approvals are available and save a lot of time and hassle. (Get pre-approved for a PLUS loan NOW with AAA Student Lending!)